Growth Sector Briefing - Financial and Business Services
Growth Sector Briefing - Financial and Business ServicesOffice of the Chief Economic Adviser13 March 2023Growth Sector DefinitionScotland’s Financial and Business Services industry was identified in Scotland’s Economic Strategy (2015) as one of the growth sectors in which Scotland can build on existing comparative advantage and increase productivity and growth. Scotland is internationally recognised as the most important UK financial centre outside London and the South East, with a breadth of financial services including global custody, asset servicing, banking, investment management, corporate finance, general / life assurance and pensions. Business services is also a crucial sector for Scotland, having grown in recent years to comprise a large and diverse range of professional services.The Financial and Business Services growth sector is defined by the Standard Industrial Classification (SIC) 2007 codes:64.1 - Monetary intermediation64.3 - Trusts, funds and similar financial entities64.9 - Other financial service activities, except insurance and pension funding65 - Insurance, reinsurance and pension funding, except compulsory social security66 - Activities auxiliary to financial services and insurance activities69.1 - Legal activities69.2 - Accounting, bookkeeping and auditing activities; tax consultancy70.2 - Management consultancy activities71.129 - Other engineering activities (not including engineering design for industrial process and production or engineering related scientific and technical consulting activities)73.2 - Market research and public opinion polling74.3 - Translation and interpretation activities78.109 - Activities of employment placement agencies (other than motion picture, television and other theatrical casting) n.e.c.78.3 - Other human resources provision82.1 - Office administrative and support activities82.2 - Activities of call centres82.3 - Organisation of conventions and trade shows82.91 - Activities of collection agencies and credit bureaus82.99 - Other business support service activities n.e.c.Key StatisticsRecent trends in GDP (2022 Q4)Updated March 2023, next update June 2023The latest GDP data show that output in the Financial and Business Services growth sector decreased by 0.6% in the most recent quarter, whereas output across the economy as a whole increased by 0.1%. Compared with the same quarter in the previous year, output in this sector increased by 1.6%, whereas output across the economy as a whole increased by 0.6%, comparing Q4 2022 to Q4 2021.Employment (2021)Updated December 2022, next update November 2023Employment in the Financial and Business Services growth sector stood at 220,000 in 2021, accounting for 8.4% of employment in Scotland and 6.4% of employment in Financial and Business Services across Great Britain. Employment in this sector decreased by 2.7% over the latest year in Scotland.Employment across Scotland (2021)Updated December 2022, next update November 2023In 2021, employment in the Financial and Business Services growth sector was highest in City of Edinburgh (60,000) and Glasgow City (60,000), with each of these Local Authorities comprising 27.3% of employment in this sector.Exports (2019)Updated November 2021, next update tbcTotal exports from the Financial and Business Services growth sector stood at ?16.0 billion in 2019, accounting for 18.3% of Scotland’s total exports. Exports from this sector increased by 2.1% over the year.Exports to the rest of the UK stood at ?11.8 billion in 2019 and accounted for 73.9% of total Financial and Business Services exports. International exports to the EU stood at ?1.3 billion (8.4%) and international exports to non-EU countries stood at ?2.8 billion (17.7%).Enterprises (2022)Updated February 2023, next update December 2023In March 2022, there were 24,000 registered enterprises operating in the Financial and Business Services growth sector, representing 13.7% of all registered business in Scotland. In 2022, 97.2% of Scottish Financial and Business Services registered enterprises were small (0-49 employees), accounting for 31.8% of employment in this sector, whilst large enterprises (250+ employees) accounted for 1.3% of registered enterprises but 57.6% of employment.The majority of enterprises in the Financial and Business Services sector were UK owned with their registered office address in Scotland (96.6%), accounting for 60.4% of sector employment in 2022. 1.8% of businesses were registered abroad, but they accounted for 19.7% of employment in this sector.Earnings (2022)Updated February 2023, next update January 2024Median weekly full time earnings across the Scottish Financial and Business Services growth sector stood at ?702.4 in 2022, which was higher than the Scottish average at ?640.5. Business Demography (2021)Updated March 2023, next update March 2024The number of registered business births (VAT/PAYE registrations) in the Financial and Business Services growth sector in Scotland decreased by 27.5%, from 3,495 in 2020 to 2,535 in 2021. The business birth rate, which is the number of births as a percentage of active businesses, was 8.7%. In comparison, business births in Financial and Business Services across the UK decreased by 25.5% between 2020 and 2021, with a birth rate of 10.3%.The number of business deaths (VAT/PAYE de-registrations) in the Financial and Business Services growth sector in Scotland increased by 11.6%, from 4,390 in 2020 to 4,900 in 2021. The business death rate, which is the number of deaths as a percentage of active businesses, was 16.8%. In comparison, business deaths in Financial and Business Services across the UK increased by 4.6% between 2020 and 2021, with a death rate of 14.8%.Sources of informationGDP – Scottish Government Quarterly GDP Index.Employment – Business Register and Employment Survey.Exports – Export Statistics Scotland.Turnover & GVA - Scottish Annual Business Statistics.Enterprises – Inter Departmental Business Register.Earnings – Annual Survey of Hours & Earnings.Business Demography - Inter Departmental Business Register and ONS Business Demography.All data are available from the Growth Sector Statistics Database: percentages and percentage changes over time are calculated based on the rounded figures shown in the Growth Sector Statistics Database.For more information about the methodology behind the Growth Sector Statistics Database, please see the Methodology Note: ................
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